The vast and growing disparity between poor and rich is laid bare in a brand new Oxfam report demonstrating the 62 wealthiest billionaires possess as much wealth as the poorer half of the people in the world.
Timed to coincide with this particular week’s assembly of most of the super rich at the yearly World Economic Forum in Davos, the report calls for urgent actions to address a tendency demonstrating that 1% of individuals possess more wealth compared to the other 99% combined.
Oxfam stated the riches of the lowest 50% fell despite a rise in the world population of 400m, by 41% between 2010 and 2015. In an identical span, the riches of the most affluent 62 individuals rose by $500bn to $1.76tn.
The charity said that, the 388 most affluent individuals possessed the exact same wealth, in 2010. This fell in 2014 to 80 before dropping again in 2015.
The Oxfam GB chief executive, Mark Goldring, said: “It’s only unacceptable the lowest half of the planet population possesses no more than the usual little group of the international super rich – so few, you can fit them all on one trainer.
Its forecast the wealthiest 1% would possess the exact same wealth as the poorest 50% by 2016 had come true earlier than anticipated. It said a which had deprived authorities of the resources needed to tackle poverty and inequality and a priority needs to be to close down tax havens used by wealthy people and businesses in order to avoid paying tax. Three years back, David Cameron told the WEF the UK would spearhead an international attempt to stop competitive tax avoidance in britain as well as in poor nations, but Oxfam said assured measures to improve transparency in British Overseas Territories and Crown Dependencies, including the Cayman Islands and British Virgin Islands, hadn’t been applied.
Goldring said: “We should stop the age of tax havens that has enabled wealthy people and multinational companies to avoid their obligations to society by concealing ever increasing levels of cash abroad.
“Handling the veil of secrecy surrounding the UK’s system of tax havens will be a huge step towards stopping extreme inequality.
Oxfam mentioned estimates that wealthy people have put a total of $7.6tn in foreign accounts, including that if tax were paid on the income that this wealth yields, an additional $190bn would be accessible to authorities every year.
The charity said as much as 30% of all African monetary riches was believed to be held abroad. The estimated loss of $14bn in tax revenues will be enough to purchase health care for kids and mothers which could save 4 million children’s lives annually and apply teachers that are enough to get every African child.
Oxfam said it meant to challenge the executives of multi-national corporations in Davos. It said it was estimated that developing countries are cost at least $100bn annually by tax and nine out of 10 WEF corporate associates had a presence in a minumum of one tax haven.
The Equality Trust, which campaigns against inequality said Britain’s 100 most affluent families had raised their wealth by at least GBP57bn since 2010, a span where average incomes fell.
Duncan Exley, the manager of the trust, said: “Inequality, both internationally but also in britain, is now at staggering amounts. We are aware that this kind of huge disparity between the most affluent and the others of us is not good for society and our economy. We now want our politicians to awaken and address this dangerous concentration of riches and power in the hands of so few.”